Zacks Investment Research upgraded shares of Fortis (NYSE:FTS) from a hold rating to a buy rating in a research report released on Wednesday, Zacks.com reports. Zacks Investment Research currently has $44.00 price target on the utilities provider’s stock.
According to Zacks, “Fortis, Inc. is engaged in electric and gas utility business. The Company offers regulated utilities comprised of electric and gas as well as engages in non-regulated hydroelectric operations. It operates primarily in Canada, United States and Caribbean. Fortis, Inc. is based in St John’s, Canada. “
Other equities analysts have also issued reports about the stock. UBS Group restated a buy rating on shares of Fortis in a research report on Friday, June 7th. Veritas Investment Research lowered shares of Fortis from a buy rating to a sell rating in a research report on Friday, May 3rd. ValuEngine lowered shares of Verso from a hold rating to a sell rating in a research report on Thursday, May 23rd. Bank of America set a $54.00 target price on shares of Fortis and gave the company a buy rating in a research report on Thursday, May 2nd. Finally, BMO Capital Markets reiterated a buy rating and set a $50.00 target price on shares of Fortis in a research report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Fortis presently has an average rating of Hold and an average target price of $50.25.
Fortis (NYSE:FTS) last released its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.55 EPS for the quarter, meeting analysts’ consensus estimates of $0.55. Fortis had a net margin of 12.61% and a return on equity of 6.44%. The company had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same period last year, the business earned $0.69 earnings per share. Analysts anticipate that Fortis will post 1.96 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the business. Bremer Bank National Association bought a new stake in Fortis during the first quarter valued at approximately $27,000. NumerixS Investment Technologies Inc lifted its position in Fortis by 37.5% during the fourth quarter. NumerixS Investment Technologies Inc now owns 1,100 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 300 shares during the last quarter. Lindbrook Capital LLC lifted its position in Fortis by 55.7% during the first quarter. Lindbrook Capital LLC now owns 1,736 shares of the utilities provider’s stock valued at $64,000 after purchasing an additional 621 shares during the last quarter. Winslow Evans & Crocker Inc. lifted its position in Fortis by 1,617.6% during the first quarter. Winslow Evans & Crocker Inc. now owns 1,752 shares of the utilities provider’s stock valued at $66,000 after purchasing an additional 1,650 shares during the last quarter. Finally, Executive Wealth Management LLC bought a new stake in Fortis during the fourth quarter valued at approximately $153,000. Institutional investors and hedge funds own 51.58% of the company’s stock.
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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